UPDATE: Tristan Thompson did not end up signing the 1 year/$6.8 million dollar qualifying offer from the Cavaliers on Thursday night. Thompson and his agent Rich Paul will now be in the process of holding out. Thompson can still sign the one year offer but it’s very likely that he will not budge on the amount of money he wants.

Tristan Thompson is in search of a contract that would make him a very, very rich man. The problem is, the Cleveland Cavaliers will not give him the money he wants. Just days after ESPN reported that the two sides agreed on a three-year deal worth $53 million dollars, the Cavaliers pulled out of the deal.

“We love Tristan Thompson and we want him to be part of our future,” general manager David Griffin said Monday. “I think everything in our actions and our offer indicate that. … We’re excited about moving forward with him into the future in whatever form that may take.

“There’s nothing lost by what Tristan is doing in this process. This is his right to do this. This system works for a reason.”

Tristan Thompson will miss the Cavs first practice on Tuesday and has till Thursday to sign the Cavs’ 1 year/$6.5 million dollar offer so he can become a unrestricted free agent this summer.

Thompson will likely resign with the Cavs for this season before testing the free agent market this summer. However, the real question is, is Tristan Thompson really worth all of this money? Next summer means that a lot of NBA players will be overvalued because of the new CBA and a rise in the amount of money that teams can spend.

The Cavs are making the right choice by not giving Tristan Thompson the deal that he wants. Thompson essentially wants money that a starter would make but he isn’t. As long as Kevin Love is healthy, he will be taking Thompson’s place on the floor.

The only reason that Thompson is even in the consideration for this much money is because Kevin Love got hurt in the postseason. Thompson went from one one good playoff series to almost earning $18 million dollars a year.

The former Texas Longhorn had a very modest, 8.5 points and 8 rebounds per game last season. His career average is only around 10 points per game and although he’s 24, his ceiling is only so high. Thompson is very good offensively and dominating on the offensive glass but he isn’t a great defender. His skill set is not worth $53 million dollars and that’s why the Cavs haven’t paid him.

Whichever team decides to overpay for Tristian Thompson next summer will be making a big mistake.